The following selected account balances were taken from Maplewood Industries' general ledgers for 2022: January 1, 2022 ($) December 31, 2022 ($) Account Inventory 85,000 65,000 Accounts payable 40,000 30,000 Salaries payable 12,000 7,000 Investments 70,000 80,000 Accounts receivable 80,000 45,000 Land 60,000 100,000 Notes payable 180,000 110,000 Unearned revenue 20,000 30,000 Common stock 120,000 200,000 25,000 70,000 Retained earnings The following information was taken from Maplewood Industries' 2022 income statement: Account Amount ($) Sales revenue 450,000 Cost of goods sold 320,000 72,000 55,000 Salaries expense Net income Calculate the amount of cash paid to employees for salaries during 2022.

The following selected account balances were taken from Maplewood Industries' general ledgers for 2022: January 1, 2022 ($) December 31, 2022 ($) Account Inventory 85,000 65,000 Accounts payable 40,000 30,000 Salaries payable 12,000 7,000 Investments 70,000 80,000 Accounts receivable 80,000 45,000 Land 60,000 100,000 Notes payable 180,000 110,000 Unearned revenue 20,000 30,000 Common stock 120,000 200,000 25,000 70,000 Retained earnings The following information was taken from Maplewood Industries' 2022 income statement: Account Amount ($) Sales revenue 450,000 Cost of goods sold 320,000 72,000 55,000 Salaries expense Net income Calculate the amount of cash paid to employees for salaries during 2022.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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